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Inflation rate drops to 17.24% – NBS
May 17, 2017

The National Bureau of Statistics on Tuesday said the Consumer Price Index, which measures inflation, dropped from 17.26 per cent in March to 17.24 per cent in the month of April.

The NBS stated in the report that the 0.02 percentage point decline in inflation rate made it the third consecutive month of decline in the CPI.

This, the report added, was an indication that the high food and non-food prices as well as the unfavourable base effects of the 2016 prices had started easing.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 17.24 per cent (year-on-year) though at a slower pace in April 2017, 0.02 per cent points lower from the rate recorded in March (17.26 per cent).

“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices.”

It added that the highest year-on-year increases across all the divisions were recorded in bread and cereals, meat, liquid fuels, clothing materials and fish.

On a month-on-month basis, the highest rise in prices was dominated by food items like coffee, tea and cocoa, potatoes, yam and tubers, bread and cereals, milk cheese and eggs, and meat and fish.

Apart from the inflation report, the NBS also released four other reports. They are the Premium Motor Spirit price watch, kerosene price watch, diesel price watch and transport fare watch.

For the PMS report, the bureau said the average price paid by consumers for petrol decreased by 7.9 per cent year-on-year and increased by 0.3 per cent month-on-month to N149.9 per litre in April from N149.4 in March.

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